ClearBridge Energy MLP Fund Inc. (the “Fund”) (NYSE:CEM) announced today
that it completed a private placement of $42 million of fixed-rate
Mandatory Redeemable Preferred Stock on January 8, 2015. Net proceeds
from the offering will be used to make new portfolio investments and for
general corporate purposes.
The table below summarizes the key terms of the offering.
Security
|
|
|
Aggregate Amount
|
|
|
Shares
|
|
|
Rate
|
|
|
Liquidation Preference
|
|
|
Maturity
|
Mandatory Redeemable Preferred Stock
|
|
|
|
Series A
|
|
|
$19 million
|
|
|
190
|
|
|
3.85%
|
|
|
$100,000
|
|
|
1/08/21
|
Series B
|
|
|
$23 million
|
|
|
230
|
|
|
4.18%
|
|
|
$100,000
|
|
|
1/08/23
|
For more information, please contact the Fund at 1-888-777-0102 or visit
the Fund’s website at: www.lmcef.com.
Hard copies of the Fund’s complete audited financial statements are
available free of charge upon request.
ClearBridge Energy MLP Fund Inc. is a non-diversified, closed-end
management investment company which is advised by Legg Mason Partners
Fund Advisor, LLC (“LMPFA”) and subadvised by ClearBridge Investments,
LLC (“ClearBridge”).
The Fund’s investment objective is to provide a high level of total
return with an emphasis on cash distributions. The Fund seeks to achieve
its investment objective by investing primarily in master limited
partnerships (“MLPs”) in the energy sector. The Fund considers an entity
to be within the energy sector if it derives at least 50% of its
revenues from the business of exploring, developing, producing,
gathering, transporting, processing, storing, refining, distributing,
mining or marketing natural gas, natural gas liquids (including
propane), crude oil, refined petroleum products or coal. There is no
assurance that the Fund’s investment objective will be obtained.
LMPFA and ClearBridge are wholly owned subsidiaries of Legg Mason, Inc.
(“Legg Mason”).
About Legg Mason
Legg Mason is a global asset management firm with $708 billion in assets
under management as of September 30, 2014. Legg Mason provides active
asset management in many major investment centers throughout the world.
Legg Mason is headquartered in Baltimore, Maryland, and its common stock
is listed on the New York Stock Exchange (symbol: LM).
About ClearBridge
ClearBridge Investments, LLC is Legg Mason’s largest equity manager with
approximately $103 billion in assets under management as of September
30, 2014. Led by the insight of proprietary, fundamental research and a
team of portfolio managers with an average of 24 years of investment
industry experience, their investment process provides clients with a
diverse menu of equity-focused strategies in a number of investment
vehicles and personalized, value-added client service.
All investments are subject to risk, including the risk of loss. The
Fund's concentration of investments in energy related MLPs subject it to
the risks of MLPs and the energy sector, including the risks of declines
in energy and commodity prices, decreases in energy demand, adverse
weather conditions, natural or other disasters, changes in government
regulation, and changes in tax laws. Leverage may result in greater
volatility of NAV and the market price of common shares and increases a
shareholder's risk of loss. Derivative instruments can be illiquid, may
disproportionately increase losses, and have a potentially large impact
on Fund performance. The Fund may invest in small capitalization or
illiquid securities which can increase the risk and volatility of the
Fund.
ClearBridge Energy MLP Fund Inc. is not sold or distributed by Legg
Mason or any Legg Mason affiliate. Shares of the fund are bought and
sold through non-affiliated broker/dealers and trade on nationally
recognized stock exchanges.
Copyright Business Wire 2015